SERM stands for Selective Estrogen Receptor Modulator. What these do are "block" estrogen at the receptor, or keep it from binding. You can think of these as very weak estrogens -- they bind to the ER (estrogen receptor), but because they are so weak, they exert little estrogenic effects on the body (they actually possess limited properties of estrogens, which is one reason for clomid's "mentally feminizing" effects). Because they bind to the site, they block other estrogens from binding and exerting their (more estrogenic) effects on the body. This is all pretty simplified but maybe you get the picture. Nolvadex and clomid are two of the more popular ones.
Aromatase inhibitors block the aromatase enzyme which is responsible for the conversion from testosterone to estradiol. This pretty much just lowers the amount of estradiol in the body but doesn't do anything with respect to how it binds. Common ones are arimidex, letrozole, and femara; pretty sure
6-OXO is one as well.
You pretty much had it right as far as what they do. This was just a little extra, probably unnecessary information for you
"I don't like people who take drugs...Customs men, for example." - Mitch Miller